Subsequent Event

12 Months Ended

Dec. 28, 2018

Note 18: Subsequent Event

On January 31, 2019, the Company announced that its Board of Directors has declared a quarterly cash dividend of $0.16 per share to be paid on March 22, 2019 to all common stockholders of record as of March 8, 2019. The Board of Directors also authorized an additional $75 million for share repurchases.

On January 29

2019, PG&E Corp. (“PG&E”) filed for bankruptcy under chapter 11 of the U.S. bankruptcy code. The Company’s total outstanding accounts receivable from PG&E as of December 28, 2018 was $5.6 million of which $2.1 million was paid during fiscal 2019 prior to the bankruptcy filing date. The Company continued to do work for PG&E during fiscal 2019 and the total outstanding accounts receivable from PG&E on the bankruptcy filing date of January 29, 2019 was $6.0 million. Due to the uncertainties associated with the bankruptcy process the Company believes that an impairment of the receivable is reasonably possible, however it is unable to estimate the amount of this receivable that will ultimately be collected. As such, the Company has not recorded an impairment charge related to this asset, but will do so once an impairment, if any, is determined to be probable and estimable.

Comparative Quarterly Financial Data (unaudited)

Summarized quarterly financial data is as follows:

Fiscal 2018	March 30,		June 29,		September 28,		December 28,
(In thousands, except per share data)	2018		2018		2018		2018

Revenues before reimbursements	$	90,684	$	89,972	$	88,714	$	85,269
Revenues		96,457		95,621		95,302		92,143
Operating income		21,598		22,478		20,594		26,786
Income before income taxes		22,450		24,919		23,989		21,959

Net income	$	20,340	$	18,425	$	17,453	$	16,036

Net income per share
Basic	$	0.39	$	0.35	$	0.33	$	0.30
Diluted	$	0.38	$	0.34	$	0.32	$	0.30
Shares used in per share computations
Basic		52,744		53,008		53,032		52,839
Diluted		54,012		54,195		54,302		54,119

Fiscal 2017	March 31,		June 30,		September 29,		December 29,
(In thousands, except per share data)	2017		2017		2017		2017

Revenues before reimbursements	$	80,467	$	84,120	$	82,359	$	82,718
Revenues		84,122		87,840		87,555		88,282
Operating income		14,634		20,317		19,305		17,795
Income before income taxes		17,410		22,348		22,030		20,721

Net income (loss)	$	16,576	$	13,791	$	14,643		$ (3,705) (1)

Net income per share
Basic	$	0.32	$	0.26	$	0.28	$	(0.07	)
Diluted	$	0.31	$	0.26	$	0.27	$	(0.07	)
Shares used in per share computations
Basic		52,604		52,830		52,740		52,726
Diluted		53,962		53,936		53,926		52,726

(1)

The decrease in net income and diluted earnings per share during the fourth quarter of 2017 was due to the impact of the tax legislation. During the fourth quarter of 2017, the Company recorded a tax expense of $16,507,000 related to the tax legislation signed into law during the fourth quarter of 2017. The Company has domestic deferred tax assets primarily associated with its deferred compensation plan and stock-based compensation program, which were previously valued at the federal corporate income tax rate of 35%. The Company’s deferred tax assets were re-measured at the lower enacted corporate tax rate of 21% which contributed $15,137,000 to the increase in income tax associated with the tax legislation. The Company also has foreign earnings that were subject to the mandatory repatriation tax. The total mandatory repatriation tax, net of the benefit of its foreign tax credits, contributed $1,370,000 to the increase in income tax expense associated with the tax legislation.